7 Top Benefits of Digital Payments for Event Management
You may not realize the positive impact that digital payments have on event management, but it’s all in the details! Whether you’re an event and meeting manager for a small restaurant, a large banquet facility, a unique venue, or a hotel, there are many benefits to offering an easy way to accept credit card payments online from your clients.
What Are Online Payments?
Online payments, also known as electronic payments or ePayments, represent digital financial transactions between two parties. With just a simple click on their desktop or a quick tap on their mobile phone or tablet, your event clients can make payments faster and more efficiently. This means you can dedicate less time to chasing payments and more time to planning your next big event. While digital payments might seem small, streamlining this part of your process pays off.
Let’s look at the proven benefits of using online payment processing for events, like Tripleseat’s PartyPay:
1. Saves Time
Online payments only take minutes and are much quicker than manually printing invoices and communicating with your clients to collect and process payments. Eliminating tedious tasks frees up your time to tackle other revenue-generating responsibilities. Additionally, your event planners can now easily submit payment to your venue. There is no need to process payments or handle cash and checks manually. And if a client needs to be reminded of payments, this is also easy through online automation.
2. Event Payment Processing Reduces Costs
With a payment processing system, you reduce costs while minimizing your environmental footprint. Additionally, it’s less money for a staff member to manually do the billing and invoicing.
With traditional methods, fees may be associated with processing payments, such as credit card processing fees or bank fees for cashing checks. However, online payment processing can reduce these fees, saving you money in the long run.
3. Improves Cash Flow
With online payment software, clients can make payments any time of day, which means you receive your money faster. You’ll have virtually instant access to funds, which can be helpful for events that require upfront costs.
4. Complete Visibility
Electronic payments provide complete visibility and transparency throughout the entire payment process for your business and clients, thus improving the relationship.
5. Convenience Attracts More Clients and Events
People like convenience! Your clients will appreciate that they can pay their invoices anytime, anywhere with an internet connection. The easier you make payments, the faster you’ll receive your money, and the more likely the customer will return to book again.
6. Simplifies Reporting and Reconciliation
Integrated payments in your event management software mean your transactions are all in one place, reporting becomes centralized, and reconciling becomes fast and simple. This makes bookkeeping a breeze. With Tripleseat PartyPay, an easy-to-use online dashboard lets you see a snapshot of trends and insights into sales. Transaction reports also allow you to review payments, fees, disputes, and other useful data.
7. Adds More Security
Security is a top concern for both event organizers and attendees. Utilizing a digital payment processing system like Tripleseat PartyPay lets you feel confident in a secure and seamless PCI (Payment Card Industry) data-compliant process. Sensitive payment information is encrypted and protected, ensuring that sensitive information is kept safe and preventing potential fraud or data breaches.
Ready to Learn More About Tripleseat PartyPay?
Online payment processing offers numerous benefits for event management, including convenience, faster processing, secure payments, easy tracking and reporting, increased efficiency, and cost savings. By utilizing modern technology like Tripleseat Partypay, event managers like you can streamline the payment process and create a more enjoyable experience for you and your clients. Tripleseat’s very own payment platform, PartyPay, offers a convenient digital sign-up process, allowing your team to begin accepting payments immediately. Schedule a demo today.
